English Section

The management of Hidroelectrica has taken the necessary steps to cancel the contract for the privatization of several micro hydroelectric plants, which it signed in 2008 with Eviva.

Raiffeisen Zentralbank Österreich (RZB) has lowered its 12 month target price for the shares of BRD-Groupe Societe Generale (BRD) from 17 lei to 15.4 lei and has maintained the "buy" recommendation for the shares, according to a report by...

Hundreds of contracts financed via the SAPARD and the PNDR (National Rural Development Program) were cancelled by the Ministry of Agriculture and its subordinated institutions, one of the reasons being that the beneficiaries were deemed unbankable.

"Hidroelectrica" is not the only electricity producer owned by the state that has contracts to supply energy which lack transparency.

Five shareholders of "Arcelormittal" Roman claim that the majority shareholder of the company, the ArcelorMittal group, is trying to force the General Extraordinary Shareholder Meeting to accept an increase of the company"s share...

"Titan" (symbol: MPN) has reached an agreement with "Alpha Bank" to extend the multi-option credit facility with a maximum value of 10 million Euros until November 2011.

The "Basilescu" wine cellar will launch two new wines in 2011, said Florin Preda, marketing director with the company.

In a communiqué issued yesterday, the "Realitatea-Caţavencu" media group announces that its print magazine "Money Express" entered a partnership with the prestigious London weekly "The Economist", which it calls "the...

If you don"t want us, we don"t want you either, the majority of Turkish citizens say when it comes to the accession in the EU, in the face of growing opposition to their accession, especially from France and Germany.

Several domestic banks have entered the race to attract deposits from the population, by raising interest rates on deposits in the month of November.

The notion of "market abuse", which defines some of the gravest offenses of the capital market, does not apply to trades concluded on the Rasdaq tier, Cristian Duţescu of law firm "Duţescu şi Asociaţii" said yesterday, at a...

On Tuesday, the Commercial Court of Cluj has rejected the request of SIF "Banat-Crişana" to annul the decision of the General Shareholder Meeting of Banca Transilvania which took place at the end of April.

Russian company Polyus Gold has struck a deal with a Kazakh family to sell several of its gold production assets, including those it owns in Romania, which belong to its subsidiary KazakhGold, in exchange for 509 million dollars.

In the beginning of this week, gold broke a new historic high, according to the quotation of the Romanian National Bank, of 147 lei for one gram, about 45% higher than the price it had in the beginning of the year.

Financial Investment Company "Muntenia", which holds about 25% of the shares of "Romaero" Bucharest (symbol:RORX), hopes it will have a successful cooperation with the new manager of the Proprietatea Fund on the Board of the...

The InterAgro group, one of the largest players in the domestic agricultural and chemical sectors, intends to invest in energy production from now on.

CFR SA has launched on the SEAP portal the call for tenders for appointing the developer which will perform the construction and installation works for the Border - Curtici - Arad - km no. 614 railroad segment, with a length of approximately 41 km

After peeking at the derivatives exchange of Sibiu, which has a derivatives turnover that the BSE can only dream of, the management of the BSE has decided that it is about time to get its own derivatives market on its feet, as it is basically...

Over the last few days, the Government has been debating the issue of cutting the duration of the maternity leave and lowering the allowances for mothers of newborn children.

The management of "InterAgro" announced on Friday that on December 2nd, it has sent a notice to "Transgaz" in which it requests the approval to forego the status of interruptible gas consumer, starting with January 1st 2011.

The price of crude oil will rise to USD 120 /bbl before the end of 2012, due to increased demand on emerging markets, according to estimates by "J P Morgan Chase & Co".

On Friday, the Consumer Protection Commissariat of the County of Cluj (CJPC) fined BCR with 100,000 lei and proposed the suspension of the bank"s license in the county of Cluj.

"Hidraulica Uzina Mecanică" Plopeni, the only company that wanted to get listed on the Bucharest Stock Exchange this year did not even raise 1,000 Euros from investors following its IPO which ended on Friday.

The US ambassador in Bucharest, Mark Gitenstein, criticized the decision of the Ministry of the Economy, to force Romgaz to donate 400 million lei to the state budget, and said that this measure will spook investors.

Romanian televisions get a serious case of patriotism whenever December 1st gets near. It"s not a bad thing in itself, even though that "symptom" doesn"t last long.

The Court of Appeal of Braşov has blocked the transfer of the assets of IAR Ghimbav to Eurocopter.

Brokerage company "Broker" Cluj (symbol: BRK) looks set to become a very desirable employer, after its Board of Directors last summer decided that its representatives on the boards of the companies it has stakes in will be entitled to the...

Grzegorz Konieczny, the executive vice president/managing director of Franklin Templeton, yesterday presented for the first time the schedule for the listing of the Proprietatea Fund on the Bucharest Stock Exchange, and said he expects the Fund...

On Sunday night, the Irish and European authorities triumphantly announced Ireland"s rescue. The headline of a Bloomberg article stated: "Ireland wins a 113 billion dollars rescue package". It is enough to look at the details of the...

On Friday, the Euro continued to gain against the leu, rising to 4.1337 lei/Euro, reaching a five-month high, as investors are becoming increasingly risk averse, amid market rumors that Portugal and Spain might need financing. The official...

Romania"s foreign debt currently amounts to 90 billion Euros. The Romanian state owes 18.5 billion Euros, the NBR - 9 billion Euros, and private debt accounts for 17 billion, according to data presented on Friday by Adrian Vasilescu, advisor...

In mid-December, the shareholders of "Ropharma" Braşov will be discussing the approval of the financial lease and sale/leaseback contracts that Teo Health of Braşov concluded with ING Lease. Ropharma holds a 33% stake in Teo Health of...

Out of the 360 types of wine on display at the International Wine Fair GoodWine Bucharest Romania, 100 will be presented on the Romanian market for the first time.

The governor of the Central Bank, Mugur Isărescu, yesterday had a stern reply to the statement made by the head of the IMF, Dominique Strauss-Kahn, who said that Romania could default, along with countries such as Latvia or Hungary.

"Western Union" and "Banca Transilvania" (BT) yesterday premiered the service which allows transferring money via ATMs.

Braşov company Ropharma saw its net profit increase 3.8 times YOY after the first nine months of the year, from 3,138 million to 12,187 million lei. The company"s turnover increased 29% during the reviewed period, from 203.56 million...

The Fiscal Council considers that the reduction of the income tax from 16% to 10% (ed. note. which the Senate approved on Tuesday) poses a significant threat to the Romania"s ability to meet the budget targets for the medium run assumed as...

Romanian banks are to blame for 22 billion Euros of Romania"s total foreign debt of 90 billion Euros, the governor of the NBR said yesterday, at the 13th edition of the Banking Forum.

The domestic media industry has entered the age of major employee migrations.

Jeffrey Franks, the head of the IMF mission to Romania, criticized the recent vote of the Romanian Senate to lower the taxation rate from 16% to 10%.